American Mortgage Licensing provides full service assistance for mortgage professionals seeking a Colorado mortgage broker license, or Colorado mortgage lender license. We manage the entire Colorado mortgage broker or lender licensing process to ensure that your applications have the best chance at an expedited approval.
Colorado Mortgage Broker Requirements
As of January 1, 2007, any individual that originates loans in Colorado is required to be registered with the Department of Regulatory Agencies, Division of Real Estate.
Mortgage brokers and loan officers seeking a Colorado mortgage registration must complete a criminal background check with the Colorado Bureau of Investigation (CBI). The background check will take approximately 3 months to process and receive the results. All applicants must also provide a surety bond in the amount of $25,000 and effective January 2008, all loan originators must have a $100,000 E&O Insurance Policy. AM Licensing can set up both of these policies with approved providers. Most states require a company to be bonded. However, Colorado requires that the individual be bonded. This can become expensive for loan officers that have lower credit scores.
Mortgage broker and mortgage lender companies are not licensed at the company level, but out of state mortgage companies must register with the Colorado Secretary of State. Loan officers must designate the company that they will work for and can only represent one company.
There is no physical office requirement for the state of Colorado. There are currently no education or exam requirements in order to become a mortgage broker or loan officer in Colorado. Look for these requirements to change in the near future.
Colorado Mortgage Licensing Fees
The Division of Real Estate fee to register as a Colorado Mortgage broker is $200. AM Licensing's fee to handle your Colorado registration is discounted from $1,000 to $500.
For complete assistance on your Colorado Mortgage Registration, call American Mortgage Licensing to start your project today, 469.688.8441.